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Accounting for Income Taxes - v12 (Course Id 1778)

Updated / QAS / Registry
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Author : Jae K. Shim, Ph.D., CPA
Course Length : Pages: 72 ||| Review Questions: 28 ||| Final Exam Questions: 30
CPE Credits : 6.0
IRS Credits : 0
Price : $53.95
Passing Score : 70%
Course Type: NASBA QAS - Text - Technical - NASBA Registry
Primary Subject-Field Of Study:

Accounting - Accounting for Course Id 1778

Description :

Accounting for income taxes is one of the more challenging topics of financial accounting. Corporations must file income tax return following the guidelines developed by the IRS.  Because GAAP and tax regulations differ in several ways, so frequently do pretax financial income and taxable income. Hence, the amount that a company reports as tax expense will differ from the amount of taxes payable to the IRS.  Those differences produce a complex accounting standard. Tax-related restatement is one of the leading causes of financial restatements.

This course is designed to help you navigate the complexities of income taxes. It identifies ASC 740 Income Taxes accounting and financial reporting requirements for the effects of taxes based on income. It describes the basic principles such as the asset and liability method, tax positions assessment, and the effect of temporary differences. It explains how to assess whether a valuation allowance is necessary for its deferred tax assets. It also covers key concepts such as asset acquisition, intraperiod allocations, and interim reporting related to income taxes. Finally, it addresses financial statement presentation and disclosure. Specific examples are included to illustrate the application. Relevant references to and excerpts from ASC 740 are discussed throughout the course.

Usage Rank : 0
Release : 2022
Version : 1.0
Prerequisites : Understanding of GAAP.
Experience Level : Overview
Additional Contents : Complete, no additional material needed.
Additional Links :
Advance Preparation : None.
Delivery Method : QAS Self Study
Intended Participants : Anyone needing Continuing Professional Education (CPE).
Revision Date : 11-Jan-2023
NASBA Course Declaration : Participants must complete the final examination within one year of purchase and with a minimum passing grade of 70% or better to receive CPE credit unless otherwise noted on the Course History page (i.e. California Ethics must score 90% or better). After logging in click on the Course History links on your My Courses page for the Begin date and Expire date for the Final Exam.
Approved Audience :

NASBA QAS - Text - Technical - NASBA Registry - 1778

Keywords : Accounting, Accounting, Income, Taxes, v10, cpe, cpa, online course
Learning Objectives :

Course Learning Objectives

After studying this course, you will be able to:
    1. Recognize the basic principles of accounting for income taxes
    2. Identify recognition and measurement requirements for uncertain tax positions
    3. Recognize temporary differences and identify how these differences may arise
    4. Distinguish between permanent and temporary differences
    5. Identify method for computing deferred taxes
    6. Recognize basic rules for income taxes in interim reporting
    7. Recognize the reporting requirements for income taxes
Course Contents :

Chapter 1 - Accounting for Income Taxes

Part I. Overview of ASC 740

A. Objectives and Basic Approach

B. Scope and Scope Exceptions

C. Fundamentals of Income Tax

Computation of Income Tax Expense or Benefit

Asset and Liability Method

Interperiod Tax Allocation

D. Current Standard Setting Activity

Comprehensive Illustration: Computation of Income Tax Expense

Part II. Tax Position Assessment

A. General Rules

B. Two-Step Process

Step 1: Recognition of a Tax Position

Step 2: Measurement of a Tax Position

Comprehensive Illustrations

Recognition of a Tax Position

Measurement of a Tax Position

Review Questions - Group 1

Part III. Temporary Differences

A. Temporary Differences vs. Permanent Difference

Determination of a Temporary Difference

Determination a Permanent Difference

B. Reversal of Temporary Differences

Comprehensive Illustrations

Review Questions - Group 2

Part IV. Recognition and Measurement

A. Applicable Tax Rate

General Rules

AMT Considerations

BEAT Considerations

B. Accounting for Deferred Taxes

Exceptions to Recognition of Deferred Taxes

Deferred Tax Liabilities

Deferred Tax Assets

C. Valuation Allowance

Sources of Taxable Income

Tax-Planning Strategies

More-Likely-Than-Not Criterion

Comprehensive Illustrations

Deferred Tax Liability

Valuation of Deferred Tax Assets

Review Questions - Group 3

Part V. Acquired Temporary Differences

A. Asset Acquisition or a Business Combination

Initial Screening Test

Application of Framework

B. Asset Acquisition

C. Business Combinations

General Rules

Change in Valuation Allowance

Comprehensive Illustrations

Asset Acquisition or Business

Asset Acquisition

Review Questions - Group 4

Part VI. Intraperiod Tax Allocation

A. Allocation to Continuing Operations

B. Operating Loss Tax Benefits

C. Items Charged or Credited Directly to Shareholders’ Equity

Comprehensive Illustrations

Tax Allocation between Continuing Operations and Discontinued Operations without NOL Carryforward

Tax Allocation between Continuing Operations and Discontinued Operations with NOL Carryforward

Part VII. Income Taxes in Interim Periods

A. General Rules

B. Changes in Tax Laws, Rates, or Status

Changes in Tax Laws or Rates

Change in Tax Status

C. Multiple Tax Jurisdictions

Comprehensive Illustration: Change in Enacted Tax Rate

Review Questions - Group 5

Part VIII. Presentation and Disclosure

A. Balance Sheet

General Rules

Unrecognized Tax Benefits

Special Areas

B. Income Statement

Comprehensive Illustration: Financial Statement Disclosures

Part IX. Other Matters

A. Transactions Directly between a Taxpayer and a Government

B. Separate Financial Statements of a Subsidiary

C. Dividends on Restricted Stock and Options

D. Property Taxes


Income Tax Deferrals

Intra-Entity Transfers of Assets (Other than Inventory)

Review Questions - Group 6


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